From extending the student-loan payment pause to cancelling student debt for some borrowers, here's everything Biden has done on student debt to date.
Biden's major overhaul of the Public Service Loan Forgiveness program brings 550,000 borrowers closer to $4.56 billion in debt relief.
Biden's Education Dept. started debate this week over how it will overhaul the student-loan system, and Appropriations Chair Rosa DeLauro weighed in.
Federal student-loan payments have been on pause since the start of the pandemic, and many borrowers aren't ready to resume paying.
Rep. Virginia Foxx and Sen. Richard Burr said Biden's "lack of clarity" on the payment restart "is as troubling as the process is uncertain."
Navient is the third company this year to announce plans to shut down student-loan services, as the government cracks down on regulation.
The Public Service Loan Forgiveness program promised student debt relief to public servants, but "this promise has been broken," advocates said.
Public servants like government and nonprofit workers bank on this debt forgiveness program, but thousands of teachers found out they don't qualify.
"It's unacceptable, it's un-American. And at the rate we're going, it's unsustainable," Senate Majority Leader Schumer said on Tuesday.
Federal Student Aid Director Richard Cordray said he plans to hold the remaining student-loan companies to a higher standard.
"The stakes are extremely high" for borrowers who have gotten used to not making any payments on student debt, FSA Director Richard Cordray said.
Biden recently reversed a Trump-era policy that prevented states from regulating abuses by student loan companies. Warren wants to go even further.
"We need to actually fix the system before we turn payments back on," Seth Frotman of the Student Borrower Protection Center told Insider.
In July, the Education Dept. opened a public inquiry for comments on the Public Service Loan Forgiveness program, which has a 98% denial rate.
The Student Borrower Protection Center found that at the current pace, only 20% of borrowers will get student-debt relief through PSLF by 2026.
The GOP letter wants a promise not to go beyond "what the law clearly allows" with student debt but there's disagreement on how to interpret that law.
The CARES Act put wage garnishment for student-loan borrowers on pause, but Education Dept. data found some companies never stopped.